Stand With Crypto, a nonprofit advocacy group initiated by Coinbase, has taken a significant step by launching a federal political action committee (PAC). This move aims to mobilize its 440,000 members to raise funds and support political candidates who are friendly towards the crypto industry. The funds collected will be utilized to back bipartisan candidates contesting for seats in the House of Representatives and the Senate in the upcoming U.S. elections in November.

Stand With Crypto, a 501(c)(4) nonprofit, focuses on empowering U.S. cryptocurrency owners to advocate for clear and reasonable regulations.

The organization strives to influence legislation and promote innovation within the crypto sector through public engagement and educational initiatives. The PAC's list of supported candidates includes notable figures such as Jim Banks, Jim Justice, Shomari Figures, Eddy Morales and Troy Downing, who are contesting elections in various states.

Nick Carr, Chief Strategist at Stand With Crypto, expressed optimism about the launch of the federal PAC, stating that it will amplify the voices of crypto voters nationwide.

He emphasized that the growing community of crypto advocates, currently at 440,000 and expanding daily, seeks candidates from both sides of the political aisle to support in the November elections. The increasing relevance of cryptocurrency in U.S. elections is evident, with over 20% of swing state voters considering it a key issue, according to a survey by Digital Currency Group.